Towanda, Missouri Property Taxes
The median property tax rate in Towanda, MO is 0.64%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Towanda at $51,600, the typical annual property tax bill is $331, well below the national median of $2,690. Property taxes in Towanda are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Towanda's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Towanda or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Towanda, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.64%
Estimate Property Tax Bill
$330
Ownwell’s Towanda Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Towanda with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Towanda to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Towanda, Missouri
Property taxes in Towanda, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Towanda is 0.64%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Towanda set these rates annually, and they can vary significantly across different neighborhoods. Each year, Towanda estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Towanda's effective property tax rate to other counties in Missouri and the national median. For comparison, the 67144 zip code has the highest median property tax rate of 0.64%, while the same 67144 zip code also has the lowest median tax rate of 0.64%. Understanding how these cities compare with Towanda provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Towanda Tax Rate
0.64%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Towanda, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67144 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Towanda, Missouri
In Towanda, Missouri, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Morgan County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Towanda, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Towanda helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 67144 has both the highest and lowest median tax bill, valued at $331.
Average Towanda Assessed Value
$51,600
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Towanda, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67144 | $51,600 | $51,600 | $51,600 | $51,600 | $51,600 |
Source: Ownwell
Property Tax Bills Across Towanda, Missouri
In Towanda, Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, determined by local assessors. For homeowners in Towanda, the median home price is $51,600. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value. Homeowners in Towanda typically see a median tax bill of $331, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local services and infrastructure may rely on other funding sources. Understanding how these factors interact helps homeowners anticipate their annual tax obligations and budget accordingly.
Average Towanda Tax Bill
$331
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Towanda, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67144 | $331 | $331 | $331 | $331 | $331 |
Source: Ownwell